- An asset. The term cost is often used when referring to the valuation of acquired property. When it is used in this sense, a cost is an asset.
- Concepts of cost and expense are often used interchangeably. When the benefits of the acquisition of a building expires, the cost becomes an expense called depreciation.
- The sacrifice, measured by the price paid, to acquire real estate.
Popular Real Estate Terms
Same as term Veterans Administration Mortgage: Mortgage guaranteed up to 30 years by the Veterans Administration to veterans meeting minimum requirements. Originally established by the ...
Tenant that stays in the leased property after the expiration date if the lease. He can be evicted or given a new rental agreement. ...
Created by the US Congress in 1965, the Department of Housing and Urban Development (HUD) is the agency principally responsible for federal programs relating to housing and urban ...
Regulatory rules that have to be followed by the organization in conducting its activities. ...
Same as term real estate investment trust (REIT): Type of investment company that invests money in mortgages and various types of investment in real estate, in order to earn profits for ...
Small piece of carpet often placed under a door or at an entrance to a doorway. ...
In real estate, the term "preamble" refers to an introductory statement that outlines the fundamental principles and goals guiding the industry's practices. Specifically, in the National ...
Appearing in person. In propria personal is a formal judicial request to appear personally before the court to plead a particular matter. While it does not prevent an individual from ...
Tax assessed on a transfer of property made without adequate legal consideration. This tax is based on the appraised value of the property at the time of transfer.Also, gifts of property ...
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